Iv original invested $45,000 near the beginning of the tax year. On my dashboard it says my total value is $46,688, my cost basis $88,695 and my unrealized gains are -$42,007. Then on my Tax report it says Capital gains are $46,910.82. I’m wondering how can this be.
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following. I’ve asked similar questions previously. Don’t get your hopes high. Koinly seems to be basically tossing numbers at you just do do so. None of them make sense to anyone at some point… I DARE anyone, who trades actively and has more than just one HODL exchange account to say they have fiscally and financially feasible fool proof report and dashboard readout.
Without exact transaction details it is impossible to say if its an issue or not however the dash board can be misleading as it does not cover the same period as your tax year so the values displayed in the dash board cannot be used on your tax return (I don’t blame Koinly for doing this as they want you to pay for there service).
As for cost basis if you have been buying and selling crypto then your cost basis could easily be way higher than your original investment. Capital gains and cost basis are recalculated every time you make a trade (in most countries) e.g between crypto coins or from fiat to crypto.
For example if you bought 2 BTC for 22.5K each, sold them at 60K then bought 4 BTC at 30K your cost basis would be 120K, gains 75K, unrealised gains 40K (if you assume current price is of BTC is 40K).
Above calculation is approximate as it assumed zero fees.
When I started using Koinly I was cross checking the calculations and found them to be accurate. If you are paying a subscription you can submit a ticket and I found them to normally respond to it rather than posting on here.
Thank you for chiming in. oh, I do understand the concept of the dashboard not representing the ‘investment’.
My point is that NONE of the numbers match up. Neither the average cost of a single coin in the dashboard, nor the balances no matter whether you import them via API or CSV. There are far too many points of failure if you don’t just have 50 transactions a year and hodl hardcore…
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